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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Bharti Airtel    BHARTIARTL   INE397D01024

BHARTI AIRTEL (BHARTIARTL)
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Qatari investor selling $1.5 billion stake in Bharti Airtel

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11/08/2017 | 06:31am CEST
FILE PHOTO: A girl checks her mobile phone as she walks past the Bharti Airtel office building in Gurugram

SINGAPORE/MUMBAI (Reuters) - A Qatari investor is selling a 5 percent stake in top Indian telecoms carrier Bharti Airtel (>> Bharti Airtel Limited) on Wednesday for about 95 billion rupees (1.11 billion pounds), adding to the sanctions-hit Gulf nation's recent stake sales in foreign companies.

SINGAPORE/MUMBAI (Reuters) - A Qatari investor is selling a 5 percent stake in top Indian telecoms carrier Bharti Airtel (>> Bharti Airtel Limited) on Wednesday for about 95 billion rupees (1.11 billion pounds), adding to the sanctions-hit Gulf nation's recent stake sales in foreign companies.

Three Pillars Pte Ltd, an affiliate of the Qatar Foundation, has put up for sale through stock market transactions about 199.9 million shares in Bharti Airtel in a price range of 473-490 rupees each, according to a deal term sheet seen by Reuters on Tuesday.

The price range indicates a discount of 4.7-8 percent to Bharti Airtel's Tuesday closing price, but is higher than the 340 rupees Three Pillars paid for the shares in 2013.

Bharti Airtel shares fell almost 6 percent on Wednesday as more than 243 million shares changed hands in multiple block deals, Thomson Reuters data showed. The plan for the stake sale was reported after market close on Tuesday.

The sale comes at a time when other Qatari firms, including its sovereign wealth fund, are cutting stakes in foreign companies to raise cash and withstand pressure on the economy, which has been hit by sanctions imposed by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since early June.

The Gulf countries cut diplomatic and transport ties with Doha on June 5, accusing it of backing terrorism, a charge which Doha denies.

Qatar's sovereign wealth fund, the Qatar Investment Authority, has responded to the crisis by pumping billions of dollars into local banks to shore up their deposits.

It has also reduced its stake in upscale jeweller Tiffany & Co (>> Tiffany & Co.), Russian energy giant Rosneft (>> NK Rosneft' PAO) and Swiss bank Credit Suisse (>> Credit Suisse Group).

A spokesman for the Bharti Group declined to comment on the Qatar stake sale. Rashed Fahad Al-Noaimi, CEO of investments at Qatar Foundation, is on Bharti Airtel's board.

UBS is the handling the planned share sale.

Even with Wednesday's drop, Bharti Airtel shares are up about 60 percent in 2017 on signs of an end to a bruising price war in the Indian telecoms space and hopes that industry consolidation would benefit established players.

(Reporting by S. Anuradha of IFR and Devidutta Tripathy, additional reporting by Saeed Azhar in Dubai, Sankalp Phartiyal and Swati Bhat in Mumbai; Editing by Himani Sarkar)

By S.Anuradha and Devidutta Tripathy

Stocks mentioned in the article
ChangeLast1st jan.
BHARTI AIRTEL -4.69% 355.95 End-of-day quote.-29.63%
CREDIT SUISSE GROUP -0.62% 15.17 Delayed Quote.-12.27%
NK ROSNEFT' PAO --End-of-day quote.
TIFFANY & CO. -0.49% 125.97 Delayed Quote.21.81%
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Financials (INR)
Sales 2019 831 B
EBIT 2019 89 425 M
Net income 2019 55,2 M
Debt 2019 1 111 B
Yield 2019 0,62%
P/E ratio 2019 236,86
P/E ratio 2020 99,75
EV / Sales 2019 3,12x
EV / Sales 2020 2,75x
Capitalization 1 486 B
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 458  INR
Spread / Average Target 24%
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Managers
NameTitle
Gopal Vittal CEO, Managing Director & Executive Director
Sunil Bharti Mittal Chairman
Ajai Puri Chief Operating Officer-India & South Asia Region
Nilanjan Roy Global Chief Financial Officer
Harmeen Mehta Global Chief Information Officer
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